2024 (11) TMI 1300

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.... dated 28.12.2017 as passed by the Deputy Commissioner of Income Tax, Mumbai for the Assessment Year [A.Y.] 2015-16. 2. The grounds of appeal are as under: 1. On facts and circumstances of the case and in law, the Ld. CIT(A) erred in law while holding that the appellant has proved the identity, creditworthiness of the creditor and genuineness of the transaction, as required under the provisions of Section 68 of the Act. 2. On facts and circumstances of the case and in law. The Ld. CIT(A) erred in not treating the unsecured loan of Rs. 5 Cr. in question as unexplained cash credit u/s. 68 of the Act. 3. On facts and circumstances of the case and in law. The Ld. CIT(A) erred in deleting the addition of Rs. 5 Cr. made by the AO u/s. 68 o....

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....explained in terms of section 68 of the Act. 4. Per contra, the Ld. AR has argued that all the primary details proving identity, credit worthiness and genuineness of the credit have been duly satisfied as the assessee produced all the relevant evidences before the AO. He has drawn attention to the observations of the ld.CIT(A) in various paras which are based on its submissions made during appeal proceedings. It is stated that as per para 10,it the lender SDPL received Rs 29.50 cr. from Oberoi Reality P.Ltd. out of which it lent Rs 5 cr to the assessee which is duly reflected in assesses bank account. As regards Nil return filed by SDPL, it was observed in para 11 that the company was following Project completion method of accounting being....